Tuesday, July 21, 2009

10 Maxims of Brand and Reputation

1. The goal of reputation is not to be liked, but rather to enhance perceived value versus competitors

2. The foundation of a good reputation is an organizational culture that recognizes that financial results are a proxy for doing other things right and rewards and promotes people accordingly

3. Reputations cannot be controlled, but the best way to manage reputation is by controlling the things that can be controlled (brand attributes, symbols, associations, identity, consistent marketing and communications messaging, and organizational engagement)

4. When the brand symbols, attributes and associations resonate with target stakeholder, there is differentiation in perceived value, which in turn builds reputation

5. Brands and reputation are perceived within a context of competitive offerings; to the extent that the brand differentiates, there is increased reputation advantage

6. When stakeholders resonate with the organization’s attributes, the perceptions become dominant and perceived value is enhanced

7. Branding raises expectations of performance. Reputation is enhanced when the consistency and continuing of performance behaviors are equal or better than the communicated value

8. A positive reputation over time creates inertia in perceived value--the so-called “halo-effect”

9. Social media are about “me-ness”; organizations must become part of the conversation to continue to build their brands and reputation

10. Corporate Social Responsibility only builds reputation when both the CSR program is consistent with the attributes of the organization and the program is important to stakeholders